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of pigsticking making headlines in spain. property rises in germany are leaving some without a home. and mistaken identities in poland's presidential plane crash. there's something rather medieval in the idea of a sport where men on horseback chase while boris with spears. it is an archaic sport, once hugely popular in spain. then it was banned, but now it is making a comeback. this traditional hunting method is being legalized by a number of regions. even the spanish environment ministry is backing the move, hoping to see a rise in takings in national parks as a result of people buying hunting permits, but animal rights activists are far from happy, calling the horseback hunting savage. >> this is a story from spain about wild boars and a controversial method of hunting them. but it is also a story about a country in crisis and how one is sacrificed for the good of the other. this is a member of the old gentry. hunting has been in his family's blood for generations. he is helping revive the tradition of hunting wild boar on horseback with spears. the sport, known as pigsticking, was long banned,
of the main events of the task 12 months. >> in europe, it was all about the debt crisis. greece and spain were the worst hit. >> eventually, it was the european central bank's controversial bond-buying program that manage to come down the markets -- calm down the markets. >> germany's finance minister says he thinks the worst is behind us. is he right? >> the wildfires in 2012 were the worst spain had experienced in years, but it was not the only disaster the country had to deal with. the financial sector was also in flames. right from the beginning of the year, it was clear that the eurozone had a tough time ahead. credit rating agencies handed out significant downgrades to spain and portugal in particular. europe's firefighting coalition of finance ministers hoped a fiscal pact with tight budgetary controls and national debt breaks would need future crises in the bud, but some economists were more realistic. >> the fiscal pact was basically superfluous. we already knew that all the countries were trying to cut back. weather or not they continue making cuts in 2018, which is what the fis
be involved. france on the other hand -- france and spain leading the charge, saying that this must be done now. financial markets are being very good and not panicking, but if they see continued failure of eurozone finance ministers to agree to this, we might get the restoration of finance of duties, which of costa much trouble in recent years. the deadline for agreeing is no overarching bank advisory super body is meant to be in place on january 1. it does not look likely, and a lot of frustration at this meeting today with the sides deeply divided and no sign of agreement. that, of course, is the basic issue -- why has there not an overarching supervisory control? precisely because it was difficult to do then. the eurozone crisis highlighted that failure, and we've still got the same problems blighting the regular meetings of finance ministers. >> despite the eurozone crisis, german exports are still robust. >> we will have the latest on the german export data later on in the program, but first, in britain, the duchess of cambridge is said to be feeling a little bit better after spending
a look at the bond curve. spain, this will be a good proxy for now. we'll get the ten year for italy in just a second. 35.34% is the level there. u.s. benefiting from fund flows well. choppy trade across the picture here. let's look at the italian curve before we get the results later today. we are seeing green across the board, so yields dipping before that probably has more to do with the political rhetoric we're seeing especially coming from berlusconi. under 4.6% for the ten-year and on the short and two, a bit of a rally. finally, let's close taking a look at the forex. euro/dollar is weaker. and it's holding just above 1.30. and the dollar/yen, this is the one sixuan mentioned to watch. heading into japanese elections, stocks outperform adding oots .1% to 83.35 this morning. >>> south korea's central bank may be worried about factors in the economy, but the dok says the economy is stronger than it used to be. more on that next. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp o
economies like spain -- >> good or bad surprise? >> no, a good surprise. whereas economies like spain, greece, portugal are likely to stay in recession for the whole year, i would argue there's a high probability that italy will come out of recession towards the end of the second quarter. >> and that seems to be the real concern that is in the market today, whether the political upheaval, even the campaigning by berlusconi could undo some of that progress. >> i think the key point is will the reform programs that have been initiated by the monte government, will they stay intact? i think there's a reasonable chance, they've had a more than reasonable chance that that is the case. yes, it's not surprising, we have the sell off today. it's inest knowledge that as the campaigning builds up, investors will be nervous.. the move by investors back into italian bonds over the next few months, we could see some exits. but i think if we get a sensible election results, and i think we probably will, then the reform program will be intact and the new government will stick to the budget that is g
ftse up 9 out of the last 11. we have seen yields continue to decline in spain. just 5.23%, but still capped. spain requesting financial assistance. we'll keep our eye on the uk as we head toward the bank of england meeting this week p. dollar index has hit a one month low. you're redollar up to euro-dollar up near the high we saw yesterday. dollar-yen moving away from the 7 1/2 month high. rebounding against the dollar and the euro ir, as well. priced in a lot in terms of monetary policy out of japan. and aussie dollar, 1.0463, yes, we have cut the cash rate in australia to match the record low of 3%. but we see the aussie dollar rise because it's pretty much all priced in. sterling-dollar also getting a benefit. back over 1.61. so that's where we stand in european trade. let's recap the asian trading session for the first time today, when you not the last. >> thank you, ross.not the last. >> thank you, ross. shanghai composite recovered from its four year low as property financials, rebounded. shale gas and geothermal plays also rallied as beijing plans to cut its annual coal consum
in the harder hit regions. ftse mib, spain up better than 1%. consistent with the rally we saw yesterday. remarkable. the xetra dax adding .1%. for its part, up to close to 30% this year. the ftse 100 adding .3. the bond space, we'll look at that and talk later about the big trades that have helped some hedge funds, for example, when it comes to greek debt. for the time being, mario's comments this summer is have techively kept the bond gleelds a tight range since then six months or so now, this is going. and differentiation across the space where italy price rising, not the case for spain which is seeing its yield up to 5.3. and i know we haven't mentioned this in a while, but i want to draw your attention here. the ten-year gild in the u.k., 1.957%. extraordinary. we're not off the 2% market in the spread, widening significantly. coming up on the program today, the count is set to get underway in south korea following general elections. we'll head to seoul to find out whether the country could elect its first female leader. >>> the bank of england releases minutes from its latest polic
model in spain. >> first of all, warren buffett, there again i think the contradictory as of all of this is at play. on the one hand, yes, there have always been people like him on the side of the wealthy, the big corporations, who have a clear understanding that at a certain point it becomes dangerous to keep going in that direction. you cannot keep having a smaller and smaller number of people doing really well in a sea of people that are having a harder and harder time. pushing, but don't kill the goose that lays the golden egg in the end. so there are always voices like that. not the only one. there are a whole bunch of people like that to see that and to have the courage or the comfort or the security to say it. remember also, the same warren buffett he says that is a major owner of the moody's corporation , and the moody's corporation was a central player in providing aaa ratings for securities we now know were worthless, are worthless, fraudulent, and someone. and so, you know, he is as he would himself admit a part of the system and therefore draw and to many of the activ
. in spain, that means one in every four people are out looking for work and a dependent on state aid. >> but it is not all bad news. ireland has managed to turn its major recession around and is now posting gains thanks to a lifeline from the e you. >> two years ago, ireland receive more than 67 billion euros from the eu bailout fund, and the money appears to have helped. the government was able to sink its annual deficit from 32% to 8.5% of gdp, and it is paying much lower interest on government bonds, and the irish economy is growing. only unemployment remains stubbornly high. in october, the jobless rate was still above the eurozone average at 14.7%, but in countries hard hit by the euro crisis, there were even more people out of work, and an increase, and employment is one of 25%. in spain, 26% were one in two young people is out of work. things are not quite that grim in italy, but more and more young people are looking for work. the youth unemployment rate is 36%, the highest since june 2004. >> we have to take a short break, but when we back, december 1 is world aids day. we w
brushoff warnings that the programs might not reduce greek debt enough. spain has formally asked for almost 40 billion euros in aid for its troubled banking sector. >> a strong indication that we have been successful in stabilizing the eurozone. spain now leads -- need less than originally assumed. the situation has improved. >> another trouble spot is cyprus. the country needs a bailout of between 10 billion euros and 17 billion euros. officials are waiting for our report on the island's banks. >> we now turn to our brussels correspondent. can you give us more details on how the buyback plan came about? >> the buyback program is supposed to help greece reduce its debt within a short period of time. that is a vital condition for the next tranche of funds that greece needs can be paid out. they gave the green light last week to pay out the money. they said they needed to have the greek debt burden reduced. the country is now trying to do that. it has put 20 bonds out on the market earlier this year. it is offering to buy them back at a very attractive price for investors. if that is successf
concerned about france and spain than i am about italy. >> we'll talk about those. >> let me add asking. if italy is in this situation now, it relied on the easy way out. and politicians, including berlusconi, didn't have the foresight to see that. >> thank you so much for coming by. >>> staying at the eurozone, investors will be watching for anything coming from the italian crisis. the results of the spanish bond actions are due around 12:40 cst. hsbc was hit with a $1.9 billion fine. the ceo said we accept responsibility for our mistakes and are profoundly sorry for them. >> a full year loft loss of 4.7 billion euros, thinksen krup has more details. >> they are starting to look at the positive of what i would call a -- strategy, i.e., a clean sweep when it comes to the business strategy of thyssenkrupp as well as the instruct occur and the refocusing on being transparent and definitely being something shareholders should trust. so no dividends, jobs may go and the sale of celiamerica being looked at. the cfo says there's a handful of interested parties in that particular party of the
regulations. last week, as he issued a one- season than. most of the big stars and their cash in spain or england. >> in england, you already know the top for your clubs before the season starts, so full credit to hourly -- you already know the top four clubs. >> the league has been plagued by hooliganism, which has resulted in an empty stands. for years, the bundesliga has drawn the highest spectator numbers of any league in europe. combined with steadily rising television rights, they have made a solid foundation for german soccer. the only thing missing is that elusive european title. >> we hope they get it. if you are just joining us, you are watching the "journal" coming to you from dw in berlin. after a short break, we will take a look of the role of german chancellor angela merkel in solving the eurozone debt crisis. >> we will be right back. do not go away. >> welcome back. >> 2012 is coming to an end, and a lot of people in europe will be happy to see the old year out. not a day went by without worrying about the future of europe. >> not just for finance experts. a to was also
. most associations expect employee numbers to remain stable. >> it is a very different picture in spain where unemployment there remains at record highs. 25% of spanish workers remain out of a job, and with government spending being cut, that number is expected to increase. >> there has been a wave of protests throughout 2012. today, health workers hit streets in the capital, madrid. >> public health workers took their complaints to the door of the health ministry. >> the first thing we are going to notice is the decrease in the quality of care. other consequences will be a higher mortality rate. people will also stay sick longer. >> the prime minister's government is making cuts in many areas. that includes reduced unemployment benefits and cuts for civil servants. add to that a hike in the value- added tax. the combined savings are supposed to bring down spain's budget deficit. the eu is giving madrid more time to get its deficits in line. reductions in health spending are only part of the total to save, but the symbolic value of cutting medical care is great, and so is public anger.
. >> it is a rare thing for you. hang around long enough, it will go your way. thanks for that. >> cheers. >>> spain. the treasury is setting up three, seven, and ten-year bonds. they're now pre-funding for 2013. we've got the results of that in around about 30 minutes. >>> and china and india secretary growth slowed in november. analysts say china and india's nonmanufacturing team expected to improve thanks to a hiring boost in the mainland as well as strong new orders in india. at the same time, china's new leadership, as we pointed out, has laid out some fresh directives. >> these are some pretty sweeping reforms making china's famously inefficient bureaucracy more efficient. it's an effort to "win the confidence and the support of the people" as public backlash rose against the special treatment of politicians. so a new list of dos and don't's for chinese leaders. on the do side, cut down on giving face. the art of extreme flattery or reverence, which results in some very long meetings and speeches. keep them short and cut down on the lavish feasts. he's also encouraging more travel to rural par
, adding about .1%. take a quick look at the bond space, the yield for spain and italy is moving higher today. but roughly as relevance we've seen predominating over the last couple of weeks. that is around 5.3% for spain. 4.5% for italy. we did see guilds moving about 3% level. now back below 1.9%. stick around because straight ahead, we get a view from one economist who says the weaker yen team is going to continue into the new year and offer some strategic calls. >>> as europeans get back to trading equities, let's get a sense of what we might see in the markets today. chris joins us from ibg group. chris, good morning. >> morning. >> we've seen a pretty quiet couple of days here. we've been talking about strength in the dax and whatnot. what's on your radar screen? >> as you say, it remains a fundamentally quiet day. unfortunately the fiscal cliff is dominating everything, really, what little traders are doing is being over-shadowed by the lack of movement, rather, in washington. >> and we've just heard allen capper who is with us talking about more volatility in the first quarter.
. and, of course, it is recognized. >> what's your view on spain? the country managed to avoid bailout so far, but will not meet its deficit target for the full year. do you think spain should be given more time? >> well, first of all, i think that, again, spain is going in the right direction. when you look at the current account, the deficit, you see that it had been diminished massively since the peak that they had in 2008, 2009. and, you know, as a very short summing up, it's been divided by more than five, though it's very, very encouraging. on the other hand, you have unit labor costs which have been diminishing quite a lot and the exports of spain are very dynamic today. so it also demonstrates that hard work is being done. it's difficult. it's tough, but going in the right direction. i trust that the global observers are observing progressively and the adjustment is proceed. in spain and in all the countries that are under adjustment. >> now, lonmin's ceo ian farmer is stepping down while being treated for a serious illness after being first admitted to hospital back in august.
. in countries like spain, up to one-half of young people are unemployed. under the european union boss proposed scheme, everyone under 25 who applies -- european union's proposed scheme, everyone under 25 who applies would be guaranteed a job or training within four months. >> we have to invest in europe's young people. we cannot afford to leave them. we have to give them the skills and experience they need to help them to get a job. >> the eu wants to fund the sceme -- scheme with money from the european bond. many are skeptical of the plans. >> i do not believe the suggestions will be successful. employers will be afraid of giving people work, so it will hurt those it's trying to help. >> whether it will really create more education and training programs is still unclear, as the suggestions are only recommendations to eu member states. >> bayern face off against a byelorussian team tonight. >> boresoff beat them in november. bayern are in top form. >> as if they were not scoring enough goals already, goetze is ready to go. he is first choice again in the champions' league. bayern are looking
half a percent, as well. take a look at bond yields. we looked at that auction yesterday from spain. they raised 4.3 billion. years went lower. nevertheless spanish yields today 5.4%, slightly lower from where we closed, but they did move up substantially after a handle of 5.2. we'll keep our eye on gilts, as well. we'll look ahead to the bank of england. nothing expected from them, of course. 1.8%. david miles was the only man who voted for more qe at the last meeting. as far as currency rates are concerned, euro-dollar at the moment 1.3068, just below the highs during the says. dollar-yen fairly contained. sterling-dollar steady 1.61. so pretty much as you were on some of those compared to this time yesterday. so what about the sazian session? only one lady to tell us. >> thank you, ross. asian markets ended mix. japan's bourses outperformed the region. despite a slight improvement in november corporate sentiment showed weakness. knee sap finished lower as they planned to recall nearly 50,000 cars in japan. shanghai composite pulled back after yesterday's 3% surge. investors booke
in italy, spain, and france proved especially wary. only britain bucked the trend with a rise in new car sales. a decade it has been since the inclusion of the german media empire. the state appellate court in munich today ruled that deutsche bank must pay damages to the heirs of the deceased mogul. >> the court ruled that the former ceo of deutsche bank, seen here, was responsible for the collapse of the world's largest licenser of film rights. in an interview, this credit worthiness was question, driving the conglomerate into bankruptcy. damages are expected to range anywhere from 120 million euros to 1.25 billion euros. it was also a big topic at the frankfurt stock exchange today. our market correspondent gave us this report from the trading floor. >> for the deutsche bank, this verdict is more than just a verdict because it weighs heavily on the image of germany's biggest bank. also because of the fact that the trial is not the only one that the deutsche bank is faced with, and some analysts are fearing now that investors might lose their confidence in dutch bank and sell their shar
a recovery occurring in the eurozone, nkts look forward to 2014 and beyond. >> spain? >> for sure. >> when? >> probably in the second quarter. >> that's an interesting idea, all at once. david owens from jeffries, thank you so much for stopping by. >>> straight ahead, economic policies for next year and what is in store for markets if it mean slower, short-term growth? can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground at fedex of. >>> shinzo abe wastes no time on calling on the bank of japan to ease interest rates. >>> get a little, give a little. reports say john boehner may be willing to raise the tax rates on the rich if president obama raises the cuts. >>> and corporate news weighs on sentiment in europe. kpn shares fall as the dutch telecom group scraps the divide dividend. >>> okay. we're into new trading week here. the xetra dax and the french mark
and spain. >> how different is it outside of europe in the wider arab world, the middle east? >> they are more accepted outside of europe because europe is a shocking and islamic bloc because there's a need to find a european identity, especially now in the crisis. >> where do you see this going? do you see the creation of a broader european islamic bloc? >> islam house oe been adapted to its cultural surroundings and we can see european islam coming up in a lot of centers in europe. >> his specialist in the dialogue between the islamic world and the west, thank you. onto soccer now. dortmund with another victory under their belts helping the reigning champions close in on the league leaders. their season has been punctuated by ups and downs, but on sunday and, they notched up another important victory in their title defense. >> warring on from the touch line, the caretaker urging his to stay compact. breached by mario. still, he did not play. fearing relegation. moments later, sven scoring a deserved equalizer. in the second half, again with the breakthrough gift. and the ea
, spain, and portugal in jeopardy. some families are having trouble putting a enough food are in the table. a lot of food gets thrown away. >> sabina has a lot of cleaning the to do. the food in her pantry is safe to eat, and bring in a way seems like a waste. the solution? food sharing. >> i often by more than i can eat. now i'm going on holiday and there will be no one to eat them, happy to share. >> anyone can donate items they don't want to throw away. a kilogram of fruit, gingerbread cake, cookies. for sabina, it is a way to help neighbors. heike's boys enjoy apples. those interested can sign up online. >> you have to have the right attitude. other people would throw this food away. >> most people find it hard to find the right amount. more often than not, they buy too much. on average, a german household throws away 80 kg of food per year. the film "tast the the waste" looks at this. the director is the creator of food sharing. >> we wanted to do more than just save a few heads of lettuce. we wanted to change people's heads. we hope we will learn to appreciate our food more. >> marma
. look at catalonia. a region in northeast spain that includes barcelona. last sunday, they held parliamentary elections. a majority of the winners campaigned on a platform of secession. the vote follows an unprecedented demonstration in september when about one million catalons marched the streets demanding statehood. to put it in perspective, the entire population is only about 7.5 million. the next step could be a public referendum on breaking away. consider scotland which has already reached that point. in october british prime minister david cameron agreed to a deal allowing scotts to vote in 2014 as to whether they want to secede. then there's the strange case of belgium. the people speech dutch in the northern region. in the southern region they speech french. the people elected a set of local leaders who want to break away from belgium. why are break away parties gaining so much momentum? it's the economy at heart. according to leading daily only 57% of national taxes paid by catalon is returned. the rest is filtered to spain's poorer regions. scots also have an eye on en
there. >> yeah. >>> coming up in the program, spain's biggest export. an analyst who says shoppers are ready to spend. >>> and the vice president hugo chavez's cancer operation that was successful. heel be in miami to speak -- we'll be in miami to speak to an an lifted who talks about the transition of power. >>> plus, joined in studio by the ceo of japanese merchandising giant sanrio. what will the man in charge of -- yes -- hello kitty have to say about holiday spending? that's at 5:20 eastern. 11:20 central/european time. >>> u.s. budget talks have intensified. president obama and house speaker john boehner spoke by phone tuesday after exchanging new proposals. aides confirm the president gave boehner a revised offer on monday, reducing demand for new tax revenue from $1.6 trillion to $1.4 trillion over the next decade. boehner responded with a plan that largely sticks by his original offer a week ago. reports say the white house has told republicans it would include an overhaul of corporate taxes in any budget deal which it hasn't put on the table before. in an interview with a
's the bund or even yields in spain are falling as prices rise a little bit. so there is light at the end of the tunnel according to our next guest. he says the global economy is close to reaching its weakest point before recovery sets in. he's robert cohen, chief equity strategist. woke. >> good morning. >> we just heard rob doddson talking through some of these results. unfortunately, we saw some signs of weaker demand, especially global demand in these reports. but perhaps what is consistent with what you're saying, why is it your view that that is going to happen? >> sometimes you need to pull away. you move away from the fundamentals a little bit on the month to month improvements. if you look at 2013 as a whole, the big headwinds you've had in a number of years, fiscal austerity is largely the sarp in europe year on year. 2014, that comes up quite quickly. 2013 is largely going to be the final year of the crushing deleveraging if you like on the european banks. so essentially the whole theme of the aurm is 2014 should credibly be the first recovery year we've been in years. >> 2013?
than the united states. i mean, countries like spain, italy -- >> the austerity policy. when you look at the country -- >> countries like spain and italy -- >> i'm talking about the labor market adjustments. >> they have seen 20%. that's a problem. >> i'm sorry. i didn't hear -- what did you say? >> spain, italy, unemployment around 15, 20%. >> of course they do. >> juliet, hang on, because it is connected to the german point. part of the reason that germany has been able to have export-led growth and be so successful internally, germany is the china of europe. >> i realize that. i made that point about 20 minutes ago. you add shock at the beginning. i'm not talking about the later stage of austerity and self-imposed pain, which is what europe is dealing with right now. but if you look at the ocb adjustment to the downturn and the u.s. has a huge g and p adjustment and loss of unemployment where a lot of these other european countries adjust on hours and their unemployment doesn't go up. that's the only point i was making. >> adjust on hours meaning you get something more like job sha
. among those closed include spain and germany. we're start with asia. shanghai composite is the outperformer. you saw up 1.6% there. here is a list of the markets closed across europe. germany, switzerland, germany and austria. for the bourses that are open, we can take a look at performance this morning and then we'll take a look over at the bond wall. the ftse 100 is down about .4%. ibex down .5%. not a clear picture. definitely mixed trade as people look to close out the year. the bond wall gives the sense for what kind of wall dominates. we're seeing bond yields move higher. investors are exiting the asset class today. italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading sessions. for more on what to expect from markets today, we're joined by chris meyer, managing director and chief strategist from loop capital markets. chris, good morning. we wake up without a deal.
, which the germans said they should do, they should have done three years ago they'd be better off. spain is the immediate problem, you have 26% unemployment which is non-performing loans. >> we have to go, 2,200 pages of health care, i'm sure the notes spain's taken how greece has got money at every turn, their pile is a bigger pile than the health care plan. >> i could listen to you guys talk all day long. that was a great conversation. yra, rick, thanks so much. see you in a bit. >>> zynga stock popping. julia boorstin is live in l.a. with more. >> good morning to you, carl. this is the first of many steps before zynga can make money from online gambling. applying for a real money gaming license in nevada is a sign of zynga's seriousness creating new revenue streams. it sent it up as much as 9% higher today. the company warns it will take as much as a year and a half to get approval in nevada but the biggest step of all is a change in federal law, and if online gambling does become legal nationwide, zynga is sure to face some big competition from the casinos. zynga is struggling to sel
in wales, portugal, spain, all over. we do not know why. we do not know what to do about it. i will give an answer that will interest and amuse the previous questioner. when two things coincided in late 18th-century england, a grain surplus, the result was a cheap gin and a social calamity. they passed a few laws, licensing laws, it did not help. what turned britain around was john wesley. methodism. converting the women of england -- [laughter] that is the way it worked. it is an odd thing for me to be saying. >> you talked about the virtues freedom requires. i worked in the field of education. if our major problem children come to school without virtues, it is the public school system the place to nurture that? i believe our society and culture does not nurture those virtues. how do we address that? >> this is a good question. the family is the smallest school. by the time all lots of negligently parentage, often at no-fault to the single mother, these children get to school, and it is too late. the chicago schoolteacher it says should its first graders who do not know numbers, shapes,
so far. europe is moving things. not the united states. spain also by the way we didn't talk about this they officially asked for european funds to recapitalize their banking sectors. that's also a bit of good news. i want to talk about china because i got a lot of calls and questions about my comments last week on china. have you noticed we got good news on the manufacturing overnight on china. better than expected. november better than expected. the pmi numbers. guess the whole world went up. korea went up. everything went up except china. a lot of comments last week about what exactly is happening in china because china -- mainland china stock market is among of the worst performers for the whole year. we're down 11% in shanghai this year. hong kong is up 18%. how do you explain this? this was a huge debate in the last couple of weeks and of course a lot of people are@@ pointing to the fact that there's less stimulus than expected coming from the government. they haven't said anything but that's not the problem. this has been going on now for months and months on end. selling sh
than greece, more than spain. but conversely, china, if gdp is coming back, they are in what many consider to be a sweet spot. >> the numbers came out saturday for china. i think italy has been remarkably good. so this was a big game changer. italy had been a part of the good story of european recovery. now it's back. >> all to monti was never intended to be there for the long term. >> sure. >> in fact, he may be leaving a month earlier than originally planned. this should not be a surprise in the larger context. while we may mention berlusconi's name right now, he's not expected to win. >> look, we knew that monti was successful. >> it may be whoever follows him is going to roll some of the gains that he's had. so-called gains. >> that's going to cause ripples here. look, on saturday night, i said, we're going to have a nice opening. china's good, people know that monti is not really going to hurt italy. i think if china continues the momentum, but the number -- >> the ex sports were less than expected in the month of november. which is a concern. then there's this perverse glass
we go, ah. but it is amazing. nothing we can do. >> we're afraid spain is going to come -- spain was supposed to come to market. italy, oh, my, what happens when italy -- it turns out you had to take it down. i know that john corzine, very controversial figure. that's a code word. but what a trade they almost had. in the news again today. >> almost. >> horseshoes, hand grenades. >> we should point out, gm was certainly not having the easiest of times of it. this morning's stock is up sharply, we're telling you why. the company will buy back at a premium to at least what was the market price as of yesterday, 200 million shares from the government at $27.50. that having the effect of sending the stock above that. why not, if you're gm, you've got all this cash sitting on your balance sheet. you're earning virtually nothing on it, why not take the opportunity, even at a premium, to buy it back by as much as 11%, shrinking the cap by that much. we heard from tim massad who runs t.a.r.p., they'll be dribbling out the shares over time. the next 12 to 15 months. similar to the strategy
of versailles soon cause the structure to crumble into the totalitarian moment. spain, of course with its civil war was the first to see the future. the fascist rose to power in italy, then germany, then a samara totalitarian culture in japan where a fascination await anyone who questioned the destiny of japan to all of asia, the remaining democracies in europe lacked the will to stop even the weakest of aggressors. when mussolini successfully crushed ethiopia, and none of the league of nations states oppose them, that's higher -- it was already dead. this of course was long before hitler invaded poland. a world war ii let me only but they say that what saved the world in our view was that the progressive liberal, new deal government of franklin d. roosevelt, most likely out of sheer desperation unleashed a productive power of free market capitalism to bury the acid towers in a tsunami of tanks, planes, and ships. anyone who's read my my books knows the statistics of pink slime just not far from where i teach, a tank was built from scratch in four and a half hours. henry kaiser's shipyard churn
and spain and everywhere else that happens to be in deficit. the reason is, the federal- state, especially after 1929 plays the role of the regulator of surplus and deficit recycling around the land. let me give you a simple example. we are in seattle. boeing is sponsoring the lectures. when boeing goes to washington to give a contract for the next generation jet or whatever, they may get it. they do get it. but there are some things attached. like for instance, we want a factory that builds the wings are the engines in tennessee or missouri or arizona. in the deficit regions. this is not philanthropy. this is an act of recycling surplus so the surpluses of the surplus state can continue to be created, produced. you may recall that in the 1920s, internationally, we had a gold standard. fixed exchange rates. it is like having a single economy. that gold standard creates a a degree of growth, together with the emergence of state corporations like edison that allows the bankers to run riot, to bring value to the peasant and to recycle. and that is what led to the collapse of 1939, which was t
, we had to baja, the bp oil spill, nuclear meltdown, debt downgrades, greece, italy, spain, foreclosures, student loans, how many things do we have to get fearful about before we start to believe in this economy? it is not booming. i am not saying it is perfect, not saying it is 1980s again, is not but is growing 2% per year, maybe 2.2, two.three, and it keeps growing. we have not had a recession since march of 2009. >> it is media granddad as almost people feel. if we take the consumer back and put them in the jobs report we did see the number of hours increase as did wages. what do you make of that? does that give you hope? >> it does. if you look at car sales in november, automobile sales, fifteen million vehicles were sold in november. highest since december of 2007. that weakness we saw in cars and auto sales in october and retail sales, i think because of sandy it is going to be over. november and december will be great month for the consumer. i do have hope. i don't think we're going to boom. we won't grow 4% we will grow between 2% and 3% real growth next year in 20
against the euro bothered me personally a little bit. i'll be in spain next month. i wanted to get good rates, but also, you know, we see commodities being a problem, but, at the same time, the dollar is corroborated making people look and say, like, what's going on, bigger at play, a guest earlier talk about today, you know, somebody had something in mine here so a lot of times it's hard to tell where the ideas are coming from, but -- liz: uup, how the dollar trades against a basket of stocks, and what matters to you here when you look at the numbers? i mean if you see what's happening, this the bottoming out there, but when you look at what's happening, i get a sense that with the uup, if you put out what time level do you want? a three month for example? >> a three month, we see that we made a lot of gains against the euro earlier in the summer, and, now, you know, in the way gold was all over the place, but now, i guess, people are looking for end of the year plays. uncertainties, still, i think with all of these long term gapes. liz: bobby, you look at names as hedges. now, for exa
over the weekend. the ibex down over the weekend. so spain and portugal, seeing its index down over more than is % is showing its concern. joe, the ftse is at least holding up relatively better. it's down only .3% today. these losses follow a trading session that was setting up to be relatively strong. we saw asian stoxx doing decently well, so just kind of underscores how unhappy the market is this morning with this news out of italy. look at what's happening with debt. as we check in with bond markets, the italian tenure is seeing its yield rise. 4.88%. i know it doesn't seem that high, given some levels we were at last year. but if you consider that we've risen, i don't know, in the range of 30 to 40 basis points or .3 percentage points just on this news, it is pretty significant. spain, same thing, we're seeing 5.67 about the level there. other bond yields are benefiting as a result. back over to you guys. i'm sure carolin, too, can help us try to understand now what this all means with mario monti potentially still involved with the next eye toolan government. that may help rea
way or the other, we will. >> remember when we used to talk about spain? italy? >> the good old days. spain was borrowing at 7%. >> germany went to the five-year high. we could have that, too. unlike them, our economy is not in tatters. they go five-year high on tatters. audi, good car. >> yes. good car. >> meantime, shares of costco this morning up in the premarket. warehouse retailer earned 95 cents a share in the first fiscal quarter. revenue, profit margins beating forecasts helped by rising sales. those higher membership fees did hike fees a year ago november, which doesn't happen very often. the journal today says, model looks great. the business is great. the stock is just -- people want to pay a lot of money for it, jim. >> oh, yeah, costco, those are remarkable numbers. i know you did an excellent special on coastco and it seems like the execution was impressive. people want to go there. >> as gas prices come down, that helps them, given they make it a bit of a loss leader. valuation rich for your blood. >> when you go to buy a house, you see kirkland more than any other bra
and spain. our road map starts right where we were months ago, waiting for the 112th congress to agree on a debt reduction package. the senate convenes at 11:00 a.m. >> the dow had its worst day in a month on friday. set to close december with a loss. the question is, does it continue to sell off if there isn't an accord in congress. >> we will always have china. manufacturing pmi data from last night is the best in 21 months. can we finally say the chinese economy has been stabilized. >> but of course, we start in washington. as you know, congress comes back today. the house gaveling into session now with legislative business starting at 10:00 a.m. the senate returns at 11:00 a.m. eastern. there are only a few hours left to get a deal done. eamon? >> you're already hearing people talk the way they talk on new year's day. a lot of people wish they could go back in time and do things differently. that's the way people are talking in washington about this fiscal cliff. feeling as if this thing suddenly got off the rails. take a listen to mitch mcconnell last night talking about the pace
. take 15% youth unemployment in spain and compound that with the fact they stop having babies. what happens in a generation or two. >> i tell you, bill, you got me thinking, i encourage readers to read this. in some of the biggest developed economies pushed the most growth are below a 2% utility rate. this has to be dealt with at some point. back to you. >> thanks, rick. >>> road trip and big bank is in highways an byways in the road for yield. we'll explain how. and actually. the lexus december to remember sales event is on. this is the pursuit of perfection. is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to
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